Tuesday, June 25, 2019

Bitcoin (BTC) Records Its 400 Millionth Transaction in History

Bitcoin breaks a new record in its stride and continues to defy its slow start to the new year. With positive news coming from Bitcoin camps week in week out, we just might be set for a glorious year with the king of cryptocurrency.

Still Breaking Strides

Bitcoin’s price and market valuation suddenly shot up above the previous set resistance support of $5000 about three weeks ago, and it seems the single action could have caused a flurry of activities beyond what could have been expected. A mysterious order of 20,000 BTC during odd hours was the catalyst in BTC’s significant rise, and while the crypto community paid attention, more certainly took action to take advantage of the crypto market’s volatility. 

On Monday, April 8, Bitcoin would record its 400 millionth transaction since it recorded its first in 2008. Not many would have anticipated this world of crypto acceptance now; the future wouldn’t have looked so crystal clear in the past that had thousands of BTC being exchanged in return for bagels and pizzas.  BTC has grown astronomically since them, and so has other cryptocurrencies after it too.

According to data obtained from blockchain.com, the major cryptocurrency recorded its landmark 400 millionth transaction—far more than any top altcoin—on Monday.

Breaking Numbers too

2019 has turned out to be a breathing respite for a very bearish 2018 and a year of hope for BTC given positive institutional developments such as Bakkt and Fidelity: the year has not disappointed so far. While many of these awaited developments are yet to take off yet, BTC has garnered good developments of its own.

A recent analysis by experts from DataLight revealed that Bitcoin recorded a heavier average number of transactions than popular platforms such as Paypal, and Venmo. When considered as a payment system, more users and seemed to prefer transferring via BTC when huge numbers are involved. The average transaction value of $40,000 dwarfed Paypal’s $90 more than 400 times. Not only that, the total value of transactions made on the network surpassed $3.2 trillion; still significantly more than PayPal’s.

While these are impressive numbers, Bitcoin which currently processes an average of 400,000 transactions per day could do much better if it solves its scalability problem: an area that the nascent Lightning Network technology could very well solve.

“At the moment, the only factor that hinders quick development of Bitcoin’s network is its upscaling problem,” DataLight explained. However, the solution for this problem — the Lightning network — is upcoming. This technology will allow Bitcoin to increase its upscaling potential and network bandwidth tenfold.”

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